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Should I purchase a home or sign another lease? Is now the right time to buy, or should I wait until next year? What would be the advantages of buying my next home? These are some of the feelings many of us experience and the questions clients often have regarding the home-buying process. I would answer them with the following seven ways to benefit from taking the plunge into homeownership.

1. Equity building: If you were to trade your monthly rent payment for a mortgage payment, each mortgage payment would build equity in your property. Every rent payment you make to your landlord, on the other hand, creates more wealth for your landlord. Why use your hard-earned money to make your landlord rich instead of building your wealth by investing your money in an asset you own?